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Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 2017
Accounting Policies [Abstract] |
Fair Value Measurements, Recurring and Nonrecurring | The following table summarizes investments that are recognized in our consolidated balance sheet using fair value measurements (excludes investments classified as equity method investments) determined based upon the differing levels of inputs as of June 30, 2017:
| Level 1 | Level 2 | Level 3 | Total
Cash equivalents | $ | 69,159,130 |  | $ | — |  | $ | — |  | $ | 69,159,130 |
Trading Investments |  |  |  |
Securities held in Consolidated Funds(a) | 18,493,234 |  | 45,096,971 |  | — |  | 63,590,205 |
Company sponsored investments | 33,923,196 |  | — |  | — |  | 33,923,196 |
(a) Of the securities held in the Consolidated Funds as of June 30, 2017, $43.2 million were held directly by the Company and $20.4 million were held by noncontrolling shareholders.
Assets under Management (AUM) Subject to Incentive Fees and Incentive Fees | The table below shows AUM subject to variable fees and the amount of variable fees that would be recognized based upon current investment results as of June 30, 2017:
| As of June 30, 2017
| AUM subject to variable fees | Unearned variable fees
Contractual Period Ends: |  |
Quarter Ended December 31, 2018 | $ | 103,521,667 |  | $ | 1,094,275 |
Quarter Ended September 30, 2019 | 32,229,439 |  | 573,503 |
Quarter Ended March 31, 2020 | 11,139,838 |  | — |
Quarter Ended September 30, 2021 | 254,475,082 |  | 1,446,794 |
Total | $ | 401,366,026 |  | $ | 3,114,572 |
Mutual Fund Administration Gross and Net Revenue | Mutual fund administration gross and net revenue are summarized below:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2017 |  | 2016 |  | 2017 |  | 2016
Mutual fund administration: |  |  |  |  |  |  |
Administration revenue, gross | $ | 6,465,152 |  |  | $ | 7,350,583 |  |  | $ | 12,874,949 |  |  | $ | 14,111,452 |
12b-1/service fees and commission revenue received from fund clients | — |  |  | 2,801,257 |  |  | — |  |  | 5,426,648 |
12b-1/service fees and commission expense payments to third parties | — |  |  | (2,500,742 | ) |  | — |  |  | (4,829,232 | )
Fund related expense | (3,489,399 | ) |  | (3,553,932 | ) |  | (6,638,351 | ) |  | (6,821,995 | )
Revenue, net of related expenses | 2,975,753 |  |  | 4,097,166 |  |  | 6,236,598 |  |  | 7,886,873 |
DHCM C-Share financing: |  |  |  |  |  |  |
Broker commission advance repayments | 100,576 |  |  | 207,599 |  |  | 214,047 |  |  | 400,909 |
Broker commission amortization | (92,112 | ) |  | (188,412 | ) |  | (192,332 | ) |  | (400,725 | )
Financing activity, net | 8,464 |  |  | 19,187 |  |  | 21,715 |  |  | 184 |
Mutual fund administration revenue, net | $ | 2,984,217 |  |  | $ | 4,116,353 |  |  | $ | 6,258,313 |  |  | $ | 7,887,057 |

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=66048111&loc=SL7498348-110258 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 + Details
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